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MARC has affirmed its ratings on Bayu Padu Sdn Bhd’s (Bayu Padu) RM500 million Istisna’ Serial Bonds (Istisna' Bond) and RM100 million Murabahah Commercial Papers/Medium Term Notes (MCP/MTN) programme at AA-ID and MARC-1ID/AA-ID respectively with a stable outlook. The rating action affects RM220 million of Istisna' Bonds and RM95 million of MCP notes outstanding under the rated program...
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MARC has revised the outlook on DRB-HICOM Berhad's (DRB-HICOM) AA-IS sukuk rating on its RM1.8 billion Islamic Medium Term Notes (IMTN) programme to negative from stable. The outlook revision recognises the potential weakening of DRB-HICOM's near-to-intermediate term financial profile due to its debt-funded acquisition of Proton Holdings Berhad (Proton). DRB-HICOM is acquiring a 42.74% stake in th...
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MARC has affirmed Tesco Stores (Malaysia) Sdn Bhd’s (Tesco Malaysia) RM3.5 billion Conventional Commercial Papers/Medium Term Notes (CP/MTN) Facility and Islamic Commercial Papers/Medium Term Notes (ICP/IMTN) Facility at MARC-1(cg)/AAA(cg) and MARC-1ID(cg)/AAAID(cg) respectively. The ratings carry a stable outlook. The affirmed ratings and outlook are premised on the corporate guarante...
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MARC has revised its outlook on its AA+IS(bg) rating on Aras Sejagat Sdn Bhd’s (Aras Sejagat) RM500 million Bank Guaranteed Sukuk Ijarah (Sukuk Ijarah) Programme to stable from negative. At the same time, MARC affirmed the AA+IS(bg) rating on the Sukuk Ijarah. The rating action on Aras Sejagat’s sukuk solely reflects the outlook change on MARC’s financial institution rating of gu...
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MARC has downgraded the rating of Olympia Industries Berhad’s (Olympia) outstanding RM49,733,635 nominal value Redeemable Unsecured Loan Stocks (RULS) to B+ from BB- and concurrently revised the rating outlook to stable from negative. The rating action reflects Olympia’s continued weak financial performance, in particular its limited cash flow generation ability arising from its weak b...
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MARC has withdrawn its BBIS and MARC-4IS Sukuk ratings on funding vehicle Offshoreworks Capital Sdn Bhd (OWC). The rating action affects RM200.0 million of outstanding Sukuk Musyarakah and RM150.0 million of outstanding Musyarakah Commercial Paper/Medium Term Notes (MCP/MMTN). Since the rating agency's decision to continue to maintain the Sukuk ratings on review for further downgrade on December 1...
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MARC has removed its AA-IS rating on DRIR Management Sdn Bhd’s (DRIRM) RM160 million Class B Sukuk Ijarah Medium Term Notes (sukuk) from MARCWatch Developing and withdraws its rating with immediate effect. The rating withdrawal follows the full redemption of the sukuk on December 30, 2011, as confirmed by the facility agent. The rating was placed on MARCWatch Developing on September 30, 2011...
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MARC has assigned ratings of AA-ID and AID with a stable outlook to Alpha Circle Sdn Bhd's (Alpha Circle) RM345.0 million Senior Musharakah Medium Term Notes (Senior MMTN) programme and RM35.0 million Junior MMTNs respectively.The issuer, a wholly-owned subsidiary of NERS Sdn Bhd (NERS), will onlend the proceeds raised from the issuance of the notes to its parent for the purpose of refinancing exi...
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MARC has withdrawn its rating of A+ID(cg) on KMCOB Capital Berhad's (KMCOB) RM630 million Murabahah Medium-Term Notes Programme with immediate effect. The rating withdrawal follows the full redemption of outstanding notes under the programme on December 14, 2011 and the cancellation of the programme as confirmed by the facility agent.Contacts: Sabesh Parameswaran, +603-2082 2260/ sabesh@marc.com.m...
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MARC is maintaining its review of the BBIS and MARC-4IS Sukuk ratings of funding vehicle Offshoreworks Capital Sdn Bhd (OWC) for further downgrade due to a continuing lack of clarity about the issuer's liquidity situation, annual and interim results of its parent company and the progress of debt restructuring negotiations with sukukholders. The rating agency had previously commented that its ratin...
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